Scandal Around So-Called Trump’s New Wallet As Trump Family Denies Involvement
On June 4, the announcement of launching our official wallet soon was anticipated. FXStreet shook the crypto space by revealing that US president Donald Trump’s crypto team had launched a brand new cryptocurrency wallet and a crypto app. The report claims that by this bold step, President Trump is improving his image of a crypto-friendly US president and showing himself going deeper into the world of crypto ventures.
This new wallet is allegedly linked to Trump and people in his inner circle, and it was developed by the TRUMP meme coin team in collaboration with a leading NFT marketplace Magic Eden. It would also make a partnership with Slingshot Finance, according to the piece published by FXStreet. However, all of a sudden, Donald Trump Jr. denied that the Trump family has any connection to this project, turning this bullish news into a future scandal as Eric Trump plans to press charges to protect the good name of his family.
Speculations around “Trump’s wallet” rise
The news about the wallet release, before Trump Jr. stepped in with the denial, made ripples throughout the crypto community, raising speculation about the Trump wallet. Some analysts saw this as a possible part of Trump’s crypto campaign expansion or as a tool that would test fundraising campaigns using the Trump token. Others speculated that the new wallet was linked to Donald Trump’s wider crypto ecosystem, including his well-known World Liberty Financial. This fund accumulates and holds various cryptocurrencies, such as Bitcoin, Ethereum, Tron, Chainlink, wrapped Bitcoin, and many others.
Over the past few months, World Liberty Financial has become a hot discussion point, showing its interest (and interest of its allies) in crypto investments after Trump made a radical pivot from crypto criticism towards crypto investing when he began his election campaign last year and began to accept donations in various cryptos. He accepted not only such market leaders as Bitcoin and Ethereum but also XRP, SOL, SHIB, DOGE, and many other popular memecoins in the context of the Trump wallet.
Arkham Intelligence reported an increase in the activity of the TRUMP meme coin team (the one which is allegedly linked to the aforementioned “Trump’s wallet”) as they withdrew 4.167 million TRUMP coins from the Squads Vault. They split that money, depositing it into top crypto exchanges – Binance, OKX, Bybit, and Coinbase, while speculating on the upcoming Trump token.
Many seemed to believe the launch of “Trump’s wallet” was the next logical step after Trump and his administration had already done a lot to turn the US into a crypto-friendly state by making several bold regulatory moves. Those include the establishment of the crypto stockpile, signing an executive order to create a Strategic Bitcoin Reserve without burdening taxpayers, and appointing a pro-crypto SEC chairman, Paul S. Atkins.
Under his leadership, the regulator began dropping the multiple lawsuits against crypto exchanges started by Gary Gensler. Recently, the SEC withdrew its legal suits it had made against Coinbase and Binance. The long-lasting legal battle against blockchain behemoth Ripple has finally come to an end as well, thanks to the U-turn in the SEC crypto regulatory policy. Therefore, many crypto adopters applauded what they believed to be the launch of “Trump’s wallet,” a potential game-changer in the crypto venture.
Trump family denies involvement with new crypto wallet
However, the Trump family responded quickly, suppressing the fast-growing hype surrounding the launch of the Trump wallet. On June 3, Donald Trump Jr. issued an X post, refuting the news about the Trump Organization having nothing to do with the wallet and the app. The X post said:
“The Trump Organization has zero involvement with this wallet product. @EricTrump and I know nothing about it.”
Trump Jr. added that World Liberty Financial intends to launch its own cryptocurrency app soon. The post was brief but quite definitive, and it made clear that all the allegations about President Trump and his crypto team standing behind the wallet launch were false.
Crypto’s merge with politics increases
The intersection of crypto and politics is becoming increasingly prominent, as seen with President Donald Trump and his Trump community venturing into digital assets. Plans to launch a crypto wallet and trading platform, dubbed the first and only crypto wallet for true Trump fans, aim to draw a mainstream audience deeper into crypto. This initiative, led by Trump Media and his technology group, seeks to establish a crypto empire.
A new wave of digital currencies like the Trump memecoin is emerging, attracting attention from Trump’s longtime business partner and Trump ally. The Trump wallet website promises Trump rewards for its users. However, crypto researcher Molly White warns of the need to be extremely careful using our name in a project, a sentiment echoed by Jack Lu of Fight Fight Fight LLC.
Barron Trump and Trump and his sons are reportedly involved in the crypto business, further solidifying their presence in the digital world. The White House remains observant as the Trump media group aims to launch a crypto product tailored for their supporters. Meanwhile, Trump memecoins are gaining traction, despite skepticism from crypto researcher Molly White.
As the Trump community prepares to embrace digital finance, there is a strategic focus on developing a wallet for true Trump fans. This effort underscores the blending of political influence with the dynamic world of cryptocurrencies, where Trump and his sons hope to create a lasting impact in the market.
Looking at this particular case from a broader angle, one may see the increasing intersection between the crypto space and politics. Donald Trump is widely viewed as a big crypto-friendly figure in the US, especially with the introduction of the Trump token. He has found loyal support from the crypto community due to his support for blockchain innovation, the pardoning of the Silk Road founder Ross Ulbricht, and his embrace of Bitcoin as digital gold. The recent moves of his administration have also driven other politicians to start discussing crypto more seriously than ever before, particularly in light of the Trump token.
However, this case with “Trump’s wallet” serves as a big caution sign. The crypto space has always been full of scams, impersonation, and all sorts of con artists, making the need for a secure official wallet even more critical. In theory, “Trump’s wallet” could have caused misled investments, misled votes, and added to the general financial and political chaos that began to surround crypto recently, when Trump stepped into this space.
The situation clearly shows how powerful the idea of merging politics and crypto has become and how careful investors (and voters) need to be now.
